Interest Subsidy Scheme, 2017

The scheme "Interest Subsidy Scheme, 2017” was launched by the Directorate of Industries, Trade and Commerce (DITC), Government of Goa. The scheme aims to incentivize units for making their enterprises financially viable. The scheme provides interest subsidy on term loan and/or working capital loan availed from specified financial institutions. The subsidy is subject to minimum engagement of 60% Goan manpower, with maximum benefits up to ₹25,00,000/- per annum (or ₹27,50,000/- for all women and Scheduled Caste/Scheduled Tribe applicants).

• For claims of interest paid on term loan, subsidy will be calculated to the extent of 30% of the interest paid, subject to the scheme ceiling.
• For claims of interest paid on working capital loan, subsidy will be calculated to the extent of 1½% of the total turnover or 30% of the interest paid by the units/enterprise, whichever is less.
• The subsidy payable shall not exceed the ceiling of ₹25,00,000/- per annum, calculated on pro-rata basis for part of the year as claimed.
• The subsidy payable shall not exceed the ceiling of ₹27,50,000/- per annum for all women and Scheduled Caste/Scheduled Tribe applicants, calculated on pro-rata basis for part of the year as claimed.

Disbursal Conditions/Criteria

• The period of grant of subsidy shall not exceed seven years, that is 27 continuous quarters subsequent to the quarter in which the subsidy is first claimed.
• The benefits under this scheme shall be disbursed to eligible applicants beyond the validity of this scheme, provided, application for at least one claim is submitted to the Directorate of Industries, Trade and Commerce (DITC) during the validity of this scheme.
• In case the unit fails to file the yearly claim after the first claim within the stipulated time frame, the unit shall be eligible to file the delayed claim in the subsequent year within the time frame as specified in the Umbrella Scheme.
• The facility of filing delayed claims shall not be available for the last claim.
• The lapsed claim shall not be revived by any authority.
• In case the unit fails to include any portion of interest that cannot be claimed due to non-payment before filing of application, the unit shall be eligible to claim such interest subject to payment of the same in the subsequent year.
• In case of default in payment of term loan (i.e. not paid as per schedule of repayment) reimbursement of interest shall be reduced to the extent of default.
• Only the limit of original loan granted and not rescheduled loan shall be considered for interest reimbursement.

• The applicant must represent one of the following -

         (a)   A Micro, Small and Medium manufacturing industry.
         (b)   A project of Hinterland Eco tourism in lesser developed talukas registered with/recognized by the Department of Tourism/Goa Investment Promotion Board/Town & Country Planning/Planning & Development Authority/Eco Sensitive Zone Authority.
  

• The industry must be listed under White category, Green category and Orange category.

• The industry must have commenced production after 01-10-2017.

• The industry must engage a minimum of 60% of Goan manpower on regular employment.

• The industry must have availed loan as term loan and/or working capital loan for conducting business of the unit claiming the benefit.

• The loan must be availed from any nationalized bank, scheduled private bank, Co-operative Bank, Economic Development Corporation Limited, or any Non-Banking Financial Institutions recognized by the Reserve Bank of India.

• The scheme is not applicable to cases which have claimed similar benefit under any other scheme/program of Government of Goa.
• The enterprises must not be taking or have taken any benefit under any policy of the Department of Information Technology, Government of Goa.
• Loans of Economic Development Corporation Limited, if covered under the Modified Interest Rebate Scheme, 2012, are not eligible for the purpose of this scheme.
• Interest paid under Chief Minister Rojgar Yojana Scheme or any other employment generation scheme of Government of India/Government of Goa is not eligible.
• Units under Goa State Financial Relief Scheme for Sick Industrial Units, 2016, are not eligible.
• Charges/overdue and penal interest shall not be eligible for the purpose of this scheme.

Offline

Step 1: The interested applicant should take a printout of the prescribed format of the application form.
Step 2: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across, if required), and attach copies of all the mandatory documents (self-attest, if required).
Step 3: Submit the duly filled and signed application form along with the documents, within the prescribed period (if any), to the Directorate of Industries, Trade and Commerce (DITC), Goa.
*If the applicant has more than one unit with a consolidated balance sheet, a Chartered Accountant certificate giving interest details unit-wise must be submitted, and the claim should only be made for the eligible unit.

Scrutiny by the Task Force Committee

• The Task Force Committee is responsible for the scrutiny and recommendation of the applications under this scheme.
• This committee includes the Director, Department of Tourism, as a Member, in addition to the members specified in the Umbrella Scheme.

Disbursement of Benefits

Upon approval, the benefits under this scheme shall be disbursed to eligible applicants, which may occur even beyond the scheme's validity, provided at least one claim application was submitted to the Directorate of Industries, Trade and Commerce during the scheme's period of force.